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Question every div based valuation because most divs are vulnerable to future cuts. AINV, BKCC, and NGPC have cut their Q2 div's by roughly half - Yields based on the Q2-09 divs are shown in the data below. ARCC and HTGC have moderately cut their Q2-09 dividends. The Q3-09 ACAS div of $1.07 is pro-rated as a $0.2675/quarter dividend. NGPC cuts its Q3-09 div. MVC Reports Busniess Wire 6-04 MVC Capital reported for Q1-09 $5.8 million in total operating income, consisting of $5.2 million in interest and dividend income and $605,670 in fee and other income, which represents a decrease in total operating income of approximately $2.3 million, as compared to the same quarter in 2008. Net operating income was $1.7 million, as compared to net operating income of $507,487 for the same quarter in 2008. Net assets were approximately $409.1 million [$16.84/share] compared with net assets of approximately $419.8 million [$17.28/share] at the beginning of the quarter and $401.7 million [$16.53/share] at the end of the same period last year. During the quarter, the Valuation Committee adjusted the fair values of eight portfolio companies, resulting in a net decrease of $0.45 per share or $10.9 million. AINV Reports Market Wire 6-01 Apollo Investment Corporation reported Net investment income of $50.740 million [$0.36/share] while the Net realized and unrealized gains (losses) was -$20.964 million [- $0.15/share]; resulting in Net increase in net assets from operations $29.776 million [$0.21/share]. The net asset value per share was $9.82. At March 31, 2009, AINV's net portfolio consisted of 72 portfolio companies and was invested 27% in senior secured loans, 59% in subordinated debt, 4% in preferred equity and 10% in common equity and warrants measured at fair value. The weighted average yields on AINV's senior secured loan portfolio was 8.2%, subordinated debt portfolio was 13.2% and total debt portfolio was 11.7%. With a "Credit facility payable" of $1.058 billion and 142.221 million share outstanding, debt used to finance portfolio holdings was $7.44/share and the Debt/NAV ratio was 75.76%. GAIN Reports Business Wire 6-01 Gladstone Investment Corp. reported Net Investment Income of $3.0 million [$0.14/share] as compared to $3.4 million [$0.21/share] for the quarter ended March 31, 2008. The decrease in NII was driven primarily by reductions in interest rates in the U.S financial markets based on the LIBOR during the comparable quarter-end periods, due to the instability and tightening of the credit markets. The per share results were also adversely impacted by the increase in weighted average shares as a result of the rights offering completed subsequent to the quarter ended March 31, 2008. Net Decrease in Net Assets Resulting from Operations was -$4.0 million [- $0.18/share] as compared to $10.0 million [$0.60/common share] for the quarter ended March 31, 2008. This decrease was primarily driven by an increase in net unrealized depreciation on GAIN's investment portfolio. The annualized weighted average yield on GAIN's portfolio, excluding cash and cash equivalents, was 7.9%. The Net Asset Value per share was $9.73. With "Borrowings under line of credit" of $110.265 million and 22.080 million share outstanding, debt used to finance portfolio holdings was $4.99/share and the Debt/NAV ratio was 51.28%. Ash Holdings [a yellow school bus distributor] is the only investment on non-accrual and is turning around. Non-accruals were 2.9% of GAIN's portfolio. GAIN sold 29 of the 32 senior syndicated loans in its portfolio to various investors in order to repay debt to DB, which is closing out its line of credit with GAIN and other RIC's. These forced sales but GAIN in temporary danger of breaching the RIC asset diversification test. GAIN has some larger buy-out deals in its portfolio - and they were not sold. Ocne they reach 50% - the asset diversification test was in danger. Once GAIN has attained some long term debt, they can fixed the problem with making some long term investments. GAIN is starting a new line of credit with Key and BBT. GAIN is in the early stages of getting an SBIC license. The change of administrations has slowed this process down. A new loan source prohibits GAIN from paying out in dividends more than NII - which resulting in dividend cuts of 50% for both GAIN and GLAD. ACAS share jump 32% on debt negotiation hopes MarketWatch 6-18 "We have very good odds of reaching a satisfactory resolution with our creditors that will be universal and global in terms of solving all three creditor defaults," said Chief Executive Malon Wilkus during a June 4 analyst conference. ACAS has $4.4 billion of debt outstanding, with $2.3 billion of that in the three credit facilities. A total of $1.25 billion of the debt matures in March 2011, according to analysts at Stifel Nicolaus. There are three different groups of lenders: the banks behind the revolving credit facility, public bond holders, and private bond holders, the analysts said in a note to investors earlier this week. If one group moves to accelerate required debt payments, the other two groups would too, they noted, citing a recent speech by Wilkus. "We remain concerned that the public debt holders don't have the desire like the bank holders to keep American Capital out of bankruptcy," Ward and his colleagues wrote. "Based on recent trading in the public debt some of the new holders now own the debt at 30-60 cents on the dollar. Their desire for bankruptcy or covenant waivers is potentially different than the bank holders," they wrote. The unsecured lenders would probably like to become secured creditors and that American Capital has roughly $4 billion in assets that could be used as collateral. However, Wilkus also said that if American Capital arranged secured loans, the company could be left more vulnerable. Provisions in typical secured loan agreements could include tangible net worth covenants and requirements that the market for mergers and acquisitions remains active, he explained. "We have to be highly concerned on behalf of our shareholders to enter into a secured agreement that has provisions that we think we might trip out of no fault of our own," Wilkus said. On 6-03 CSE declared a dividend of $0.01/share payable on or about June 30, 2009 to shareholders of record on June 16, 2009. The ex-dividend date will be June 12, 2009. On 6-03 PNNT declared a dividend of $0.24/share payable on July 1, 2009 to stockholders of record as of June 24, 2009. On 6-15 KCAP declared a dividend of $0.24/share payable on July 29, 2009 to shareholders of record as of July 9, 2009. On 6-16 NGPC announced another dividend cut to $0.12/share payable July 10, 2009 to shareholders of record on June 30, 2009. On 6-18 TCAP declared a dividend of $0.40/share payable 7-23-09 to shareholders of 7-09-09. On 6-11 ACAS declared a dividend of $1.07 per share payable on August 7, 2009, to stockholders of record as of the close of business on June 22, 2009, with an ex-dividend date of June 18, 2009. At the election of each stockholder, the dividend is payable either in cash or in shares of common stock. If the aggregate amount of the cash elections exceeds 10% of the aggregate dividend amount, the cash portion will be prorated among the stockholders electing to receive cash. On 6-04 RBC Capital Markets Initiated coverage on TCAP at Sector Perform. On 6-16 BB&T Capital Markets Initiated coverage of HTGC at Buy. On 6-17 Janney Mntgmy Scott Initiated coverage of FSC and GAIN at Buy and MAIN at Neutral. On 6-15 Highland Credit Strategies Fund (HCF) announced the completion of the merger of Highland Distressed Opportunities (HCD) into HCF Acquisition LLC, a wholly-owned subsidiary of HCF. HCF Acquisition LLC will subsequently dissolve and liquidate and transfer its assets to HCF. The Merger was based on HCD's and HCF's relative net asset values as of 4:00 p.m. on Friday, June 12, 2009. HCD reported a net asset value per share of $2.90 On 6-01 AINV declared a dividend of $0.26/share payable on July 2, 2009 to stockholders of record as of June 18, 2009. On 5-07 BKCC declared a dividend of $0.16/share payable July 2, 2009 to shareholders of record on June 19, 2009. On 5-07 ARCC declared a dividend of $0.35/ share payable on June 30, 2009 to stockholders of record as of June 15, 2009. On 5-07 HTGC declared a dividend of $0.30/share payable on June 15, 2009 to shareholders of record as of May 15, 2009. On 5-07 TICC declared a dividend of $0.15/share payable June 30, 2009 to shareholders of record as of June 10, 2009. On 5-08 TAXI declared a dividend of $0.19/share payable on June 9, 2009 to shareholders of record on May 22, 2009. On 5-12 TTO declared a dividned of $0.13/share compared to $0.23/share in the prior quarter] payable on June 1, 2009, to stockholders of record on May 22, 2009. TTO Slashes Dividend Business Wire 5-12 Tortoise Capital Resources (TTO) today declared the company’s second quarter 2009 distribution of $0.13 per share, a decrease of $0.10 from the prior quarter. The distribution will be paid on June 1, 2009, to stockholders of record on May 22, 2009. TTO's second quarter distribution decreased primarily due to reductions in the distributions from two of its portfolio holdings. Eagle Rock Energy Partners, L.P. (EROC) recently announced a decrease in its distribution from $0.41 to $0.025 per common unit. TTO holds 977,470 common units of EROC as part of its original investment in EROC prior to its public offering and as partial consideration for the sale of Millennium Midstream Partners, LP, including shares held in escrow. The effect of this decrease impacted TTO’s distributable cash flow by $0.05 per share. NOTE #1: This page is ment to be a supplement for those already getting monthly sector updates from another source. Data entry errors sporadically happen. There are other metrics not covered here that should not be ignored. NOTE #2: This page has a forcasting spreadsheet - and until that mathamatical model has had a year or two of testing, it is probably best for you to totally ignore it. NOTE #3: The owner of this site owns shares in GNV and NGPC - and this could distort the coverage of those BDCs. |